This Monday, the number of daily transactions involving Ethereum-based USDT reached a new record high.
According to Etherscan, 208,107 transactions worth $ 1.2 billion were shipped within 24 hours.
Almost $ 5 miliona Tether were issued from January, reflecting lower levels of dollars circulating in the Bitcoin ecosystem, according to Nicholas Weaver – researcher in the International Computer Science Institute in Berkeley.
Each USDT must be backed by a dollar held by Tether Limited, the company behind the stable coin. However, the company revealed that only 74% of the supply of the stable coin is supported and that there are not only dollars in their reserves supporting the Tether coins.
Tether is also available on other blockchains such as Bitcoin (via the omni network), Algorand and Tron.
According to Etherscan, the trading volumes of the stable coin began to grow sharply in September 2019, reaching 188,621 daily transactions during the peak period – worth about $ 620 million.
If this trend continues, the USDT could surpass its records from last year, when it reported $ 212 billion in trade.